As it currently stands, the initial offer, which is just above $3 billion, falls a few cents short of share price, which, WWD reports, might mean the offer could go up, or another bidder could enter the picture. The company is open to receive other offers until January 15, but in the meantime, law firms—at least 12—are readying themselves to take possible legal action on behalf of shareholders.

The recent New Yorker profile of J. Crew CEO Mickey Drexler highlighted his focus on value as the brand's foundation, which makes a rather interesting to see the same theme come into play in negotiations over its sale. With a shark like Drexler at the helm, we have a feeling the pieces will fall into place--after all, we've rarely come out of J. Crew thinking anything was underpriced. Fabulous, yes, but priced accordingly.